Keep strict stop loss or a close watch, Take exit immediately If SL hit
Its a normal Tendency to change the stop loss in the middle of trade with the hope of saving a losing trade
Taking Small losses to preserve capital will not broke your trading career but Big losses do
Never ever touch your SL when its placed rather trail it, if trades started to move in profit
Never regret if you miss the Trade opportunity, Focus on Next trade opportunity
In intraday trading we will tend to miss the good trading opportunities but if we started to regret on missed chances we will start to miss few other chances
We should be in better emotional state when trading
Quality of trade matters the most –Never over Trade
Always plan your trades and execute your plan in the live market
Trades will which is strong signal and which once is weak one never take the weak signal
Include Slippage and transaction cost when back testing your system
Transaction cost is very important factor in intra day trading since profit margin will be very less you should know your break even point before taking the trade
Always include Slippages in back testing
Trade with your Own Analysis, Never ever lookout for Tips
We never seen people who made consistent profit with tips,its just short term fix but it will make you poor in the long run
Never have expectation from Market
Never expect market to move in any direction just prepare for any movements
Use Time based Stop loss when required-The longer the duration your trade remains in negative direction, higher possibility of SL hit
Don’t take the trade if risk to reward ratio is not favorable
Always take high risk reward trades-you have better chance of survival 🙂
When think about intra day trading , always trade with market trend
Trading against the market breadth is like swimming against tides,dont waste your energy go with flow